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Bitcoin is a digital money created in 2009 by a software developer called Satoshi Nakamoto. No one has ever met Nakamoto. It is not known if the mysterious developer is one person or several. Bitcoin is not printed money. The currency is created on computers by a community of users around the world. The website Coindesk.com says anyone can join. The community takes care of the business deals made with the digital currency. Bitcoins are stored in a “digital wallet” over the Internet or on the user’s computer. There is a limited number of bitcoins. Nakamoto set up rules to limit the currency to 21 million bitcoins, reports Coindesk.com. With bitcoins, there are no banks or fees. Users do not provide their real names. Bitcoins are not taxed or governed. Money.com reports that people like bitcoins for buying drugs and dealing in illegal activities. But, bitcoin has other supporters too. More and more legal businesses are accepting bitcoins. Some people buy bitcoins as an investment. The online magazine Wired.com reported that the bitcoin was worth about $434 as of January 6. There are mobile apps to send bitcoins. This is similar to sending cash online. It is fast and easy. And you can set up a bitcoin address quickly, with no fees or questions asked. Bitcoins are popular around the world. The company Juniper Research says there were 1.3 million bitcoin users in 2015. It estimates there will be 4.7 million users by the end of next year.
